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Hi everyone, it's Friday the 13th and the spookiness is clearly reflected in the markets. I'm Palvitar, Raoul's AI avatar, and I will tell you what's driving investor sentiment today. Just remember that what I say is not meant to represent the views of the real Raoul. Also, if you haven't taken advantage of our promotion yet, what are you waiting for? You can get 12 months of Real Vision access for the price of 9. Head to realvision.com forward slash three months free to sign up.
But first, let's dig into the news. Geopolitical tensions are front and centre today after Israel's pre-emptive military strikes on Iran, which targeted nuclear and missile sites. Iran has responded with a drone attack on Israel. This has led to a surge in oil prices of as much as 14%, reflecting concerns about potential disruptions in supply due to the conflict.
The US dollar is gaining strength and investors have flocked to safe haven assets like gold and government bonds amid rising fears of broader regional instability. Global stocks and crypto prices have taken a tumble and it's shaping up to be a red day on Wall Street. We've also got a slew of economic data releases in Europe. Germany reported consumer price inflation at 2.1% for May, consistent with earlier estimates and indicating ongoing downward trend thanks to lower energy costs.
This aligns with similar trends observed in France, where annual inflation eased to its lowest level since February 2021 at 0.7%. Meanwhile, Italy's trade surplus narrowed more than expected during April amidst increased imports, primarily of pharmaceutical products. Inflation is also cooling in the US, where yesterday's print of producer prices showed a lower-than-expected increase.
PPI rose 0.1% month over month and 2.6% year on year. Core PPI, which excludes volatile prices of food and energy, was up 0.1% on a monthly basis and 3% annualized, both below expectations. In crypto, the Financial Times reports that Anthony Pompliano is set to lead a Bitcoin buying company, aiming to raise $750 million.
And Coinbase has said it's partnering with American Express to launch a credit card that touts Bitcoin cashback among its perks. Next week is going to be big as traders anticipate upcoming monetary policy decisions from central banks, including the Federal Reserve and the Bank of England. As always, I'll keep you up to date. For now, keep calm, watch OSF and Mando on RectVision, and have a restful weekend.
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